Three of the largest brokers have dominated the so-called City Oscars for the UK small and mid-market, amid ongoing pressure on research revenues caused by sweeping European regulation.

Peel Hunt, Numis and Investec have maintained their grip on the UK Extel Small and Mid-cap survey this year, which ranks brokers on the strength of their equity research offering — something many smaller players have been forced to pull back from in the wake of the second Markets in Financial Instruments Directive, which requires brokers to charge separately for research.